We have three upcoming initial public offerings (IPOs) for you this week, Ivanhoe Electric (IE), A2ZCryptoCap (AZCP), and Onfolio Holdings (ONFO).
Ivanhoe Electric
Ivanhoe Electric is expected to dual list in New York (NYSE) and Toronto (TSX) this week under the ticker IVN. The IPO was filed on 24 May 2022. 14.39 million shares will be offered in the range of $11.75 - $12.50. Implied market capitalization at IPO is $1.1bn, given the mid-price point.
This exciting commodity backer is the latest offering from CEO Robert Friedland, a familiar face in the Canadian capital markets. Friedland is an American/Canadian billionaire financier in the mining industry who also owns Ivanhoe Mines (TSX: IVN).
What does Ivanhoe Electric do?
Ivanhoe Electric is a company set up to provide funding for developing copper mines in the US to support the green energy transition. Copper is a critical element in EV battery production, and Friedland hopes to encourage the development of better EV batteries and large-scale energy storage facilities.
Who is leading the IVN IPO?
According to its US SEC filing, Ivanhoe Electric's IPO will be managed by BMO Capital Markets and Jefferies.
Use of IVN IPO Proceeds
The company estimates its net proceeds from this offering will be approximately $161.4m, or roughly $186.2m, if the underwriters exercise their option to purchase additional shares in full. This is assuming an IPO price of $12.12 per share, which is the midpoint of the price range mentioned in Ivanhoe Electric's prospectus.
The company states it plans to use the IPO proceeds towards land acquisition and payments and various exploration and development activities.
A2ZCryptoCap, Inc.
A2ZCryptoCap, Inc. is listing on the TSX Venture Exchange under the ticker symbol AZC.P. The A2Z IPO was priced on 2 February 2022, and the listing is expected to take place on 28 June 2022. The company is issuing four million shares at an offer price of C$0.10. Market Capitalization at IPO pricing was C$0.60m.
What does A2ZCryptoCap do?
A2ZCryptoCap is a capital pool company. It is looking for a target company to merge with.
It has not commenced commercial operations and has no assets other than a minimum amount of cash.
Who is leading the AZC.P IPO?
Leede Jones Gable, Inc. is the sole underwriter on the A2ZCryptoCap IPO.
Crowe MacKay LLP is the auditor, and Odyssey Trust Company is the transfer agent.
Use of AZC.P IPO Proceeds
The company estimates its net proceeds from this offering will be approximately $373,250. It is offering 4 million shares at a price of $0.10 per share.
The company states it plans to use the IPO proceeds to identify and evaluate assets or businesses for acquisition to buy business assets or merge with another company.
OnFolio Holdings
OnFolio Holdings is a packaged software business. It is expected to IPO on 28 June 2022 and will list on the NASDAQ Capital Market under the symbol ONFO.
The company will issue 1.7 million shares in the range of $4.50 - $5.50. Implied Market Capitalization at IPO is $64.61m, given the mid-point of the range.
What does OnFolio Holdings do?
OnFolio buys online businesses with positive and sustainable cash flow. The company also helps investors buy and operate content websites for profit. Its portfolio covers a range of content topics from health & wellness to pets and education.
The company's leadership team has been investing in content websites and online businesses since 2012 and working with investors since 2018.
Who is leading the ONFO IPO?
The sole book-running manager on this transaction is EF Hutton, a division of Benchmark Investments LLC.
Use of ONFO IPO Proceeds
OnFolio Holdings intends to use its IPO net proceeds for acquisitions of websites, technologies, or other assets and for marketing, working capital and general corporate purposes.
